Resumen de Maritime business performance, economic diversification and real gross domestic product growth in emerging economies: A study of the Nigerian maritime transportation sector
Isreal Imide, Edih University, Nyanayon Faghawari, Richard Osadume
This study examined maritime business performance, economic diversification and real gross domesticproduct growth in emerging economies: the Nigerian maritime transportation sector. Its main objectiveis to examine whether maritime trade is a viable option for economic diversification in Nigeria. Spe-cific purposes are, one, to ascertain the effect of maritime trade on real gross domestic product, GDP,growth in Nigeria, 2008-2021 and two, to recommend measures for the strategic positioning of themaritime sector as one of the major sources of national income generation and a driver of the Nigerianeconomy. The study used secondary data collected from published bulletins of Nigeria Ports Authority,NPA, National Bureau of Statistics, NBS and Central Bank of Nigeria, CBN. The secondary time se-ries data on port performance for 2008-2021, were analyzed using least square regression analysis andthe Engle-Granger Co-integration to test the financial variables at 5% level of significance. The studyis anchored on modern investment portfolios model for deciding the appropriate investment optionsbased on comparative advantage analysis and/or expected economic returns vis-a-vis the inherent risks.Findings revealed that there is a positive and significant relationship between total revenue and grossdomestic product growth for period of assessment. Also discovered are several challenges militatingagainst maritime transportation business in Nigeria such as infrastructural deficit and lack of invest-ments. It therefore, means that the maritime transportation sector will improve the GDP of the Nigerianeconomy if the challenges are addressed and the sector is repositioned for optimal performance. Thepaper recommends that Government should develop a trade liberalization policy towards increasingprivate participation in the maritime sector and create enabling business environment by providing therequired infrastructures.
